The Labour government’s so-called “annual report 98/99” will leave many FDs wondering how HMG gets away with it. No audit certificate, no remuneration report, and corporate governance statements haven’t been replaced by government governance statements, either. Just two of the 88 pages are devoted to the financials and, frankly, they leave a lot to be desired. It’s a pretty cursory glance at how the government spends £331.4bn, with footnotes in tiny four-point type. But we’re most curious about the fact that the discussion of the government’s attitude to the euro – “In or out, the UK has a clear interest in the success of the euro …” – should appear in the section headed “Leadership Abroad” rather than in the “Business” chapter. What should we read into that?
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